After the close of trading on Monday Groupon (GRPN) announced the resignation of two board members. Starbucks (SBUX) CEO Howard Schultz and venture capital firm Accel Partners' Kevin Efrusy resigned from the board. Schultz is stepping down immediately, while Efrusy's resignation from the board of directors will be effective as of the company's annual meeting in June. Groupon said Daniel Henry, the chief financial officer of American Express (AXP), replaced Schultz, and Robert Bass, a vice chairman of accounting firm Deloitte LLP, should join its board after a shareholder vote at the annual meeting. The Chicago firm has been wrestling with accounting issues since its IPO last year. Groupon recently restated fourth-quarter earnings, citing a shift in the company's deal mix and higher price offers, which have higher refund rates. Shares of Groupon ended the week 16.4% lower at $9.97.
Apple once again garnered attention, amidst chatter about the new iPhone and market share gains against Amazon (AMZN). Rumors emerged of a longer, thinner iPhone, slightly different from previous versions of the iconic smartphone. Research firm IDC also showed Apple stole tablet market share from Amazon during the fourth quarter, as more consumers bought the iPad, seemingly at the expense of the Kindle Fire. Shares of Apple closed the week 7.0% lower at $565.25.